TERMS OF USE and PRE CONTRACT CREDIT AGREEMENT

It is important that you read the Standard European Consumer Credit Information (SECCI) and the credit agreement carefully before you sign your so that you are in a better position to assess whether the credit agreement meets your requirements and financial circumstances.

This document explains:

Key features of the agreement and Suitability

How much you have to pay

The likely consequences where you do not make payments on time

Your right to withdraw from the agreement

A – The Parties

You are entering into the fixed sum loan agreement with Social Money Ltd t/a as payl8r consumer credit license 659384.

The retailer is a credit intermediary who has introduced the finance on your behalf.

Key Features and Suitability:

Is the Loan Suitable? You should consider why you wish to take the loan and whether the product is suitable for its intended purpose before entering into the agreement.

The credit is only suitable for the purchase of goods and services that you have selected from the retailer and is not suitable for any other purpose.

Certain events may occur that may require you to pay charges. Please familiarise yourself with the events and charges.

Please understand how much credit Social Money Ltd is providing, the period over which the credit has to be repaid and the details of the payments you must make.

Please take into consideration the importance of your affordability to make the payments of this agreement now and in the future in the potential event that your circumstances change.

How Much You Have To Pay:

The rate of interest that applies to this agreement is fixed

The interest rate charged will not change or vary for the duration of this agreement subject to the Honesty clause below.

The fixed interest rate is expressed in the following formats so that you receive a true knowledge of the rate being charged and can compare different offers and options:

DPR – Daily Interest Rate

MPR – Monthly Interest Rate

APR – Annual Interest Rate

There may be other related costs under the agreement. It is important that you familiarise yourself with the charges. For example, late payment costs, missed payment costs, communication costs, recovery costs and change of payment costs. On some charges, additional interest may be charged.

We will be honest with you in all our dealings and we expect the same commitment from yourself. If you have committed fraud or knowingly or negligently misrepresented information on your application or any information that your provide to us then we may at our discretion vary the interest rate charged to suit your credit profile and or charge additional fees and or you may be liable for any economic loss or recovery costs incurred on your behalf.

The likely consequences where payments are not made on time:

It is important that you are aware of the further consequences that may result from missing payments or your inability to maintain repayments. For example, we may take legal action or recovery action against you and or we may also seek to obtain a county court judgment against you and or we may apply for a charging order over your home which could lead to your home being repossessed and or if you miss payments we will let credit reference agencies know. Please note that any additional charges or interest will lead to an increase in the total cost of debt due.

Missing payments can affect your credit rating and may make it harder for you to obtain credit in the future.

Your right to withdraw from the agreement:

If you wish to withdraw from the agreement you must have to advise us directly, by giving written or oral notice, within 14 days beginning with the day after the day on which the agreement is made or, if later, the date on which we will tell you that we have signed the agreement.

You will then have to repay the balance in full within 14 days without delay. Exercising your right to withdraw does not give you the right to cancel the purchase of the goods. If you wish to cancel or return your goods you should also inform the retailer. We may charge a daily interest charge for the period from the advance until full repayment is received depending on the finance facility that you take out.

Failure to repay will result in us taking legal action against you, which may have the additional consequences.

If there is anything you do not understand or if you require any further information regarding this product please contact payl8r on 020 3287 2268.

If you are unclear and require free, independent advice please contact Citizens' Advice or go to www.moneymadeclear.org.uk.

PRE-CONTRACT CREDIT INFORMATION

The type of credit:Fixed Sum Loan Agreement with Early Repayment Available (to finance the purchase of goods and services).

How and when credit would be provided:You will obtain the credit when both you and we have signed the credit agreement. We will pay supplier of the goods and/or services.

The duration of the credit agreement:Minimum duration of 1 day Maximum duration of 6 months. Customers can choose a repayment period that is less than 6 months that will be agreed upon.

The proposed credit will be linked to the supply of specific goods or the provision of a service.

Repayment Method: You can choose a period to suit you, maximum 6 months.

Continuous Payment Authority (CPA):You grant Payl8r the authority to collect the funds via a Continuous Payment Authority (CPA) form your debit or credit card for the installment amount on the scheduled date as detailed in the agreement.

CPA Attempts:We will only undertake a maximum of two CPA attempts with regards to a scheduled repayment. You will be notified if there is a failed attempt and an oral or written agreement will be entered into with you before any new CPA attempts are made for each missed installment.

Costs of the Credit

This is detailed when an application is complete. We do not compound interest, and the rate is none variable. We only offer Fixed interest rate loans over a period agreed.

Related Costs

Administration Charge for Early Repayment in the interest free period:If you repay the funds during the interest free period there will be a one off charge of £10 and interest for underwriting your application.

Fraud or Misrepresentation:If you commit fraud or knowingly or negligently misrepresent information on your application form at later communications with us, we may add at our discretion an additional fee of 20% of the total of the entire credit facility and related costs combined (not withstanding our right to pursue legal and collection costs as detailed below). We may also at our discretion amend the interest rate that you are being charged up to a maximum of 25% per month to reflect the credit category that you should be in.

A failed CPA Payment:If there is an attempt to collect funds via the CPA (continuous payment authority) you will be charged £2 for each CPA attempt that fails

Failure to make a scheduled or agreed payment on time: There will be a £15 charge if you fail to make an agreed scheduled payment on time.

Reminders:We may charge you £2 for an SMS or Email payment reminder and £20 for a Letter or Telephone Call arrears reminder.

Repeated Reminders: We may charge you £5 for a repeated SMS or repeated Email payment reminder and We may charge and £30 for a repeated Letter or repeated Telephone Call arrears reminder.

Alternative Payment Methods:If you repay by a method other than the agreed repayment method (CPA) there will be a £10 charge.

Dishonored, Stopped or Unpaid Payment Methods:For each cheque, standing order, CPA or Direct Debit which is dishonoured, stopped or not paid by you there will be a £10 charge.

Tracing:We may charge you £30 for tracing you if your address is different to that of the application or changes during this agreement.

Any other costs deriving from the credit agreement:We may charge you interest at the interest rate shown in the Daily Interest of Section 3 of this form on any amount or related cost that you fail to pay us on time. We will charge interest for each day you still owe the payment.

Recovery and Enforcement:You will pay our reasonable costs (including legal costs) of enforcing the agreement and recovering interest and all other related costs.

Consequences of missing payments:If you miss a payment you will incur extra charges, your credit record may be affected and you may find it harder to borrow again from us or another lender. We may also take legal action against you and we may apply for a charging order over your home.

Voluntary Fairness Cap in the event of missed or late repayments:If you do no repay the credit under the terms of this agreement, we will voluntarily agree to cap the related costs that arise to 120% of the initial loan advance provided that you repay the total balance due within 6 months from the date at which we agree to cap the cost. Where the balance is not settled within 6 months, the related costs will stand for the entire period from the loan stat date. This voluntary fairness cap does not apply if there fraud or misrepresentation on your behalf.

Roll Overs:If you fail to repay the credit agreement, we may at our discretion offer a roll over. We will only offer a maximum of two roll overs.

Other important legal aspects

Right of withdrawal.:You have the right to withdraw from this agreement without giving
any reason before the end of 14 days beginning with the day after
the day on which the agreement is made or, if later, the date on
which we will tell you that we have signed the agreement.

Consultation with a Credit Reference Agency:In considering whether to enter into this agreement we will search
your record at credit reference agencies.
If we decide not to proceed with this agreement on the basis of
information from a credit reference agency we will we will inform
you of the contact details and name of the agency.

Right to a draft credit agreement.:Upon request, you have the right to a free copy of the draft credit
agreement, unless we are unwilling at the time of request to
proceed to the conclusion of the credit agreement with you.

The period of time during which the creditor is
bound by the pre-contractual information.:The information on this form is valid for 30 days from the date we
provide it to you.

Concerning the creditor:Consumer Credit Licence number 659384
Company registration number 08054296
Company Registered Address (see below)

The supervisory authority:Financial Conduct Authority

Concerning the credit agreement:The terms of the agreement and our dealings with you are
governed by English Law and subject to the jurisdiction of the
English courts. We will only communicate with you in English.

Concerning the goods or service and retailer:Nothing in this explanation or the credit agreement prohibits or
restricts your rights under Consumer regulations and distance
selling between you and the retailer of the goods or services.
The cost of delivery and details of who pays for the cost of
returning items and your right to cancel and change your mind
and your rights to return faulty good or services remain the same.
You should notify both the retailer and Payl8r if you wish to
cancel, change or vary your agreement.

Concerning redress:A copy of our complaints procedure is available on request. Should you need to write to us, please address your complaint to:
Payl8r / Social Money Ltd.
2ND FLOOR, BOULTON HOUSE
17-21 CHORLTON STREET
MANCHESTER
M1 3HY
The invalidity or unenforceability of any provisions of this
information or the Agreement shall not affect the validity or
enforceability of any other provision of this Agreement, which shall
remain in full force and effect.

Access to out-of-court compliant and redress mechanism:Complaints which Payl8r / Social Money Ltd cannot settle may be referred to the Financial Ombudsman Service at
South Quay Plaza,
183 Marsh Wall,
London E14 9SR.
Tel: 0161 425 6363.
E-mail: [email protected]